This indicator calculates a base moving average (EMA, SMA, WMA, or HMA) and projects multiple symmetrical envelope bands around it directly on the price chart. Users can adjust the length, source, moving average type, and initial envelope multiplier. Additiona
Indicator · Pine Script v5 · On the chart
ATR Based Stoploss
ATR Based Stoploss is an overlay indicator that calculates dynamic stop loss and take profit bands around a central simple moving average.
GitHub stars5on the repository
Pine versionv5runs as is
Lines of code121
Settings8inputs
LicenceNone stated
Last update2 years ago13 Sep 2024
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above. It reads the file straight from GitHub.
- 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
- 3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.
Source Code
The code stays on GitHub. The author has not published this script under an open licence, so ForexR does not show its code. Copy script reads the file straight from GitHub into your clipboard, so you can still try it on your own chart. Ask the author before reusing the code anywhere else.
Overview
ATR Based Stoploss uses standard Average True Range or an ATR Surge Average derived from volatility spikes to offset profit and loss boundary lines. The indicator plots a baseline SMA along with short and long stop loss and take profit channels directly on the main price chart. Settings allow users to adjust ATR lookback, length, multipliers, and dashboard table position.
- Dynamic ATR-based stop loss and take profit channels
- ATR Surge Average calculation for volatility spikes
- Baseline Simple Moving Average overlay
- Customizable on-screen dashboard table
Details
Published by
rubystar0512 on GitHub
Type
Indicator, Pine Script v5
Draws
On the price chart
Category
Volatility & bands, Moving averages, Support & resistance, Screeners & dashboards
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.
File
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| ATR Lookback Period | int | 30 | natrlbprd |
| ATR Length | int | 14 | atrLength |
| Stop Loss Take Profit Type | string | ATR Surge Average | usenavg |
| ATR Profit Multiplier | float | 4 | natrPM |
| ATR Loss Multiplier | float | 1 | natrLM |
| MA Length | int | 8 | maLength |
| Table Position | string | Bottom right | tablePosition |
| $Risk | float | 0.3 | risK |
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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